Virginia Sportsbooks Report Drop in Handle

In our latest Gambling News Coverage here at Gaming911, we are bringing you the latest sports betting report from Virginia sportsbooks this June. According from the latest report from the Virginia Lottery, this is the first time that the state is seeing a decrease in month-on-month betting handle this 2023.

The report states that for the month of June, total wagers made total $322 million, which is 20.2% less than May’s handle. If you are worried about your own Bookie PPH operation, be reassured that this is normal for this time of the year. In fact, the numbers indicate growth in the local betting market, with the year-on-year handle improving by 10%.

Online sports betting takes the lion’s share of the handle at $322.1 million. The month-on-month betting activity is lower by around 19% for online betting. However, it is still higher than the same period of last year. In addition, the decrease in handle is also still on par with the national market, so the decrease is not so much due to less interest in betting. Rather, it is because there are less events to bet on since the sports calendar is quite bare this month of the year.

Virginia Sportsbooks Are Still Doing Well

The lowest handle that sportsbooks have seen this year is still not bad, since there are hundreds of millions in wagers. The last time sportsbooks in the state saw this was August 2022. Given the historical data, it is likely that we can still see the handle drop in the next few months. However, the trend also goes upward when September arrives, so the market will only see a slump for a short while.

When you use your sportsbook pay per head software, you can generate the same data these markets report. Doing so will help you identify the trends in your sportsbook, which will help you anticipate and adjust to any possible scenario.

From the $322 million in wagers, sportsbooks in Virginia paid out $292.7 million in winnings, recording a 10% hold. The hold percentage is lower than May’s 11.9%, but still consistent with the performance of almost double digit holds for 2023. After giving out winnings, deductions and such, the adjusted gross revenue is $26.4 million. The state collects $3.9 million in taxes from sports betting for the month.

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